Housing sales drop by 81% in Q2 2020, new launches by 98%: ANAROCK
Photo Credit: ANI

Mumbai: Housing sales and new launches have plunged to a new low across India’s top 7 cities in Q2 2020. Latest ANAROCK research reveals that residential sales in the quarter plummeted by 81% on yearly basis in these cities – from 68,600 units in Q2 2019 to just 12,720 units in Q2 2020.

Concurrently, new launches fell by 98% in the period with merely 1,390 units getting launched this quarter. New launches account for just four projects - two in Bengaluru and one each in Pune and Kolkata.

If we consider q-o-q data trends, housing sales dropped by 72% in Q2 2020 against Q1 2020 while new launches fell by 97%. Interestingly, limited new launches helped unsold inventory in the top 6 cities to shrink by 5% on a y-o-y basis – from more than 6.34 lakh units in Q2 2019, it dropped to just over 6 lakh units in Q2 2020.

ANAROCK Property Consultants Chairman Anuj Purisays, "A massive drop in both new launches and housing sales were, of course, expected on the back of a complete lockdown for most of this quarter. Interestingly, MMR – one of the most COVID-19-affected cities – witnessed maximum housing sales of nearly 3,620 units among all cities, followed by Bengaluru with approx. 2,990 units. Technology adoption has played a big role in housing sales of late, with many developers now strengthening their digital sales capabilities.”

Q2 2020 New Launch Overview:

Amidst the global pandemic, the top 7 cities saw only 1,390 units launched in Q2 2020, against nearly 69,000 units in the corresponding period of 2019 - a decline of 98%. On a quarterly basis, new launches fell by nearly 97%. Nearly 41,220 units were launched in Q1 2020.

In Q2 2020, only four projects were launched - two in Bengaluru and one each in Pune and Kolkata.

No new launches in MMR, NCR, Hyderabad & Chennai in Q2 2020

Bengaluru added approx. 590 units (in 2 projects) in Q2 2020, witnessing a yearly decline of 95% and quarterly by 93%.

Pune added approx. 750 units (in only one project) in Q2 2020 compared to 10,700 units in Q2 2019 and 7,800 units in Q1 2020 - a drop of 93% and 90% respectively.

Kolkata added only one project consisting of approx. 50 units in Q2 2020, declining by 98% on y-o-y basis and 95% over Q1 2020.

Q2 2020 Overall Sales Overview:

Approx. 12,740 units were sold in Q2 2020 as against 68,600 units in Q2 2019 - a decline of 81%. In the quarter of Q1 2020, housing sales stood at 45,200 units, thus falling by 72% q-o-q. NCR, MMR, Bengaluru, and Pune together accounted for 85% of total sales in Q2 2020.

MMR and NCR witnessed significantly lower sales as compared to previous year and the preceding quarter. Sales in NCR and MMR decreased by 83% each in Q2 2020 against Q2 2019 and 74% each over the previous quarter. Current quarter sales were recorded at approx. 2,100 and 3,620 units, respectively.

Sales in Hyderabad decreased by 85% in a year – from 4,430 units in Q2 2019 to 660 units in Q2 2020. On a quarterly basis, sales declined by 75%. The city saw sales of approx. 2,680 in Q1 2020.

Pune and Kolkata witnessed a 79% yearly decline each, and a almost 70% quarterly decrease each in Q2 2020.

Approx. 2,990 units were sold in Bengaluru in Q2 2020, against 13,150 units a year ago and 8,630 units in the preceding quarter of Q1 2020. The y-o-y decline was 77% and Q-o-Q was 65%.

(To view our epaper please click here. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal

www.freepressjournal.in